SPX Continues to Lean Against Key Support

Once again, the cash S&P 500 Index (SPX) is flirting with breaking its major-support line that originated at the Nov 2012 low, and which cuts across the price axis today at 1629.

Let's notice that today marks the fourth session that the SPX has been unable to climb away from the support line, and instead, the line appears to be acting as a magnet.

If violated and sustained, it will place the index in a potentially, very precarious position that will project towards a breakdown to test the rising 200-day EMA, now nearing 1577.

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